Iraq Economic News and Points to Ponder Monday Evening 5-20-24


Iraq Economic News and Points to Ponder Monday Evening 5-20-24

How Will Raisi’s Death Affect Oil Prices?

Economy |  05/20/2024   Mawazine News _ Baghdad   Igor Yushkov, an expert at the Financial University and the National Energy Security Fund in Russia, said that the death of the Iranian president may cause some fluctuations in the oil market, with some slight rise in prices.

This came according to Igor Yushkov’s statements to the “Novosti” agency, where he said: “There may be some fluctuations in the oil market, and there may be a slight rise in prices in the first moments, but I think it will return later, and in general we will not witness a rise in general.”

According to him, the possible escalation of the conflict in the Middle East could have a significant impact on prices if it turns out that a “third force” is involved in Raisi’s death. However, Yushkov believes that this option is unlikely, and believes that the matter will be considered an “accident” and is unlikely to have a significant impact on the oil market.

Brent crude prices rose as of 11:47 Moscow time by 0.05%, and futures contracts for July delivery are trading at about $84 per barrel.

The Central Bank Begins The Second Phase Of Its Banking Reform Strategy

Samir Al-Nusairi   Economy News = Baghdad   Samir Al-Nusairi  The Central Bank announced that it will launch the national lending strategy on 5/25/2024, which is a clear announcement of the beginning of the second phase of its banking reform strategy.

 This means that it has completed the first phase of it by achieving tangible and important results in the field of regulating foreign trade financing and regularization of the global financial system through strict adherence to standards.

International compliance, building solid international banking relationships with international banks and correspondent banks, and introducing the local currencies of countries with which there is significant trade exchange into cash dealing in their local currencies, in addition to dealing in the US dollar.

As well as activating and strengthening its procedures for transitioning from a cash economy to a digital economy and cooperating with the government in expanding the use of electronic payment tools and spreading the culture of transition to a cashless society. Certainly, the above tasks occupied a large part of the efforts at the local and international levels.

In the second phase, the focus will be on restructuring banks, especially government banks, and starting to implement new policies to support and develop micro, small, and medium enterprises, initiating the establishment and licensing of the Riyada Bank, and licensing the Green Bank, which will specialize in sustainable financing for renewable energy projects, as well as moving toward licensing digital banks to keep pace with progress in the field of banking products. Modern digital. The electronic platform will also be gradually left this year.

 One of the tasks that will begin work is to rehabilitate the banks restricted from dealing in the US dollar to comply with international standards in light of the work of the joint committee between the Central Bank and the US Department of the Treasury, through which the work of these banks in foreign transfer activity for previous years will also be analyzed and audited, with the hope that it will be increased. Restrictions on it.

What we expect from the procedures and policies adopted by the Central Bank in the first phase and what was achieved from them and what will be achieved from the second phase of the banking reform strategy will be reflected in the stability of the exchange rate and the recovery of the Iraqi dinar inevitably.   285 views 05/20/2024

Economy News = Baghdad   Today, Monday, the economic expert, Mahmoud Dagher, raised several questions about the nature of digital banks in Iraq, while confirming that any bank can adapt its banking system to digital.

Dagher said, in an exclusive interview with Al-Eqtisad News, “The digital bank is ultimately a bank with its banking operations, from cash and in-kind credit to deposits and borrowing, as well as all the activities associated with it, and it is an evolution in the banking system to complete digital operations.”

He added: “As for compliance, combating the financing of terrorism and corruption, and oversight and auditing, they do not differ at all from existing banks. Rather, the responsibilities of the executive management and the Board of Directors continue and are also governed by the laws of the Central Bank, governance, and banks, in addition to the Anti-Money Laundering Law, as well as the instructions of the Central Bank.”

The economic expert explained: “Nothing will differ except that operations are conducted through applications, and even these banks have taken steps to establish them, that is, some banks have converted their operations to digital instead of face-to-face,” indicating that “any bank can adapt its banking system to digital in addition to the regular one.”

He pointed out, “Central banks support and encourage this trend, and banks are also seeking to make their digital window wide, especially after the spread of applications and ATMs that withdraw and deposit.”

Dagher asked: “Why is the digital bank’s capital less than other banks? And why are there special instructions for the digital bank instead of incentives to support the digital window and voluntary transformation of digital systems as an option for banks?”

Views 173 05/20/2024

By 92%… An Increase In Sales Of Foreign Remittances At The Iraqi Central Auction

Economy | 02:53 – 05/20/2024   Mawazine News _ Baghdad   External remittances at the Central Bank of Iraq auction rose by 92% on Monday, at the expense of cash sales, to reach $254 million.

In its auction today, the Central Bank sold 273 million and 572 thousand and 542 dollars, which it covered at a base exchange rate of 1,310 dinars per dollar for documentary credits and international settlements for electronic cards, at a price of 1,310 dinars per dollar for external transfers, and at a price of 1,305 dinars per dollar in cash.

He added that most of the dollar sales went to strengthen balances abroad in the form of transfers and credits, which amounted to 254 million 462 thousand and 524 dollars, an increase of 92% over cash sales amounting to 19 million 110 thousand dollars.

The number of banks that purchased cash dollars reached 4 banks, while the number of banks that responded to requests to enhance balances abroad reached 15 banks, and the total number of exchange and brokerage companies participating in the auction was 36 companies.

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Provoking Thoughts and Points to Ponder on Advice :

Never give advice in a crowd.  – Arab proverb

Never give advice unless asked.  – German proverb

Whatever advice you give, be short.  – Horace

Old men are fond of giving good advice, to console themselves for being no longer in a position to give bad examples.  – La Rochefoucauld

We give advice, but we do not inspire conduct.  – La Rochefoucauld

Good counsel has no price.  – Guiseppe Mazzini

Never advise anyone to go to war or to marry.  – Spanish proverb

Many receive advice, only the wise profit by it.  – Syrus

Admonish your friends privately, but praise them openly.  – Syrus